Apple Inc. Brand Management Successes and Challenges
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Apple Inc. Brand Management Successes and Challenges
Introduction
Companies use brands to distinguish themselves and their products from the marketplace. It takes a long time for a company to develop a brand. There is increased competition and companies have to find ways of convincing customers to accept their brands. Therefore, they have to learn the most effective way of maintaining a positive brand image. The perception that a company develops in the market concerning its brand constitutes the essence of brand management. Companies aim to create a positive perception of their brands and they use different approaches to do this. In addition, brand management comprises of the different aspects that are concerned with developing a relationship with the customers. Tangible brand elements and the brand experience are vital in brand management.
Brand management is essential in marketing as it contributes to enhancing the value of a product. It can influence price increases and development of customer loyalty. Companies with a reputation have realized this. They have managed to develop their brands in a way that has enabled them to charge premium prices and at the same time retain loyal customers. Companies understand the importance of having loyal customers and they will not comprise on the quality and value of their products. Apple Inc. is one of the most successful brands globally. The company has gained a reputation for developing high quality products. Despite increased competition in the market, it continues to charge premium prices yet at the same time maintain loyal customers.
Apple Inc. Brand Success
Apple Inc is one of the most recognized brands worldwide. However, the company did not achieve immediate or overnight success. It has taken time to be where it is. The tech firm has experienced periods of growth and stagnation, but it has eventually managed to build a strong brand. One of the factors that have contributed to the growth of the brand has been its insistence on quality. Apple has chosen to focus on providing high-quality products to its consumers and offer the goods at premium prices instead of offering its products at lower prices. In addition, Apple has taken an innovative approach towards developing its brand. It took the brand twenty years to introduce a new product to the market from the time it acquired its first computer.
The iPhone, iPad, and other products have been market-changers since they have introduced something new to the industry. Further, Apple recognizes the importance of understanding its customers’ needs and demands (Schild, 2017). It has found a way to give what the clients want with minimal complications. The brand recognizes the importance of appealing to its customers emotionally as well. Previously, customers have lined up overnight whenever Apple is launching a new product in the market. The company understands the importance of customer loyalty, and this has helped in growing and strengthening its brand.
Challenges facing the Brand
Despite the strong brand, Apple Inc. recognizes that it cannot stop focusing on innovation because of the intense competition. Among the challenges that the company faces include intense competition from other computer and smartphone firms. Many organizations have copied Apple’s approach and technology to develop its products, and this has created intense competition (Mourdoukoutas, 2011). Additionally, the tech business has taken some time before introducing a new product to the market, and this can affect its market base if its rivals introduce innovative gadgets.
Continuing
to price its products at a premium may not be the best approach for the brand
in the future, especially if competitors
using Android continue to come up with innovative products at lower prices. Apple has to find a way of
convincing its loyal customers that the premium products are worth it (Swartz,
2016). It can only do this by introducing new products to the market. In addition, although Apple has a worldwide
presence, the brand is not reliable in
all its markets. The brand has not managed to gain much strength in the
emerging markets compared to its rivals. This
failure can be attributed to the high
cost of its products.
References
Mourdoukoutas, P. (2011). Apple’s four challenges. Retrieved from https://www.forbes.com/sites/panosmourdoukoutas/2011/10/05/apples-four-challenges/#72257a6e149e
Schild, J. (2017). Thinking differently: Why apple’s brand succeeds worldwide. Retrieved from http://daily.unitedlanguagegroup.com/stories/editorials/thinking-differently-apples-brand-succeeds-worldwide
Swartz, J. (2016). Apple faces challenges from every flank. USA Today. Retrieved from https://www.usatoday.com/story/tech/news/2016/01/20/apple-enters-earnings-season-facing-challenges-every-flank/78037798/